A career as a financial consultant offers variety and challenge. So says Ms Yee Siew Eng, Director, Human Resources of Prudential Assurance Company Singapore (Pte) Limited as she shares some insights on the insurance industry as well as advice for those considering a career in this line of work.

Q: What are the qualifications & qualities required for someone to be a Prudential Financial Consultant?
A: A Prudential Financial Consultant or Financial Services Consultant is a full-time employee whose role is to provide customers with financial planning advice and solutions through our insurance plans. These employees are attached to one of our partner companies, which include Standard Chartered Bank, MayBank and Singapore Post.

Academically, candidates must possess the minimum of GCE 'O' Level. They must also attain specific insurance qualifications such as the M5, M8 and M9 qualifications. If they do not possess these licensing requirements, we will be able to train them accordingly. If they do have some sales experience, that would be a plus. A strong belief in insurance and the industry is also a must. It would also be good if the candidate has tenacity, is people-oriented and has a positive service mentality.

Q: What is the job scope of a Prudential Financial Consultant?
A: The job of a financial consultant is not purely selling financial and investment products. Fact-finding is also an important aspect of the whole process. When a consultant helps a client with financial planning, he dispenses valuable advice as well as provides possible solutions.

Q: What is the career progression of a Prudential Financial Consultant like?
A: Financial consultants must meet their financial and sales objectives. After at least 2 years of service, they will move on to become senior financial consultants servicing niche or high-value customers. There are various levels they can move on to and eventually they could even be managing their own groups.

Q: How do you think the insurance industry would look like in the next 5 to 10 years?
A: I think it would definitely get more competitive. However, the differentiating factor will still be the financial consultant himself. He needs to have excellent soft skills apart from technical knowledge. It would be critical or important for him to possess very good communication skills and to be customer-service oriented because this business is very much built on relationships. As the saying goes, 'insurance is not bought, it's sold'. People don't get up in the morning and suddenly decide to buy an insurance policy.

Also, customers today are becoming more informed and educated so a good financial planner must have both product and technical knowledge. In terms of products, there are always the base products for whichever life-stage you are at. Whether you have just graduated and started work, or you have just given birth, there are already a full range of products in the market to take care of your savings, investments and protection needs. These are the three main needs for an individual as far as financial planning is concerned.

But for the next 5 to 10 years, what we may see is a much greater focus on retirement planning. You have probably heard or read in the media that Singaporeans are generally not well prepared for their retirement. Most of them don't realise that their CPF funds are insufficient for their sunset years. Hence, there could be a lot more emphasis and introduction of products that are geared towards helping people plan for their retirement. And when it comes back to the skills set, our financial consultants need to prepare themselves so as to better help customers and fulfil this market potential.

Q: Any advice for those who intend to embark on a career in this industry?
A: I think this is a career that will give you a lot of satisfaction and fulfilment. The fulfilment comes from knowing that you are helping people to realise their dreams and to work towards their retirement as they plan for their future. You can say it's like social work but in a different way. The beauty of this career is that you can really get tangible and intangible rewards that are limitless. For a financial consultant, the sky is the limit as far as remuneration is concerned. The intangible part is really about self-discovery and character building. A business relationship could become a close friendship. You will be able to touch the lives of others. And it doesn't just stop there. It goes beyond.